Despite the pessimism of some Western businesses, the Indian market is proving time and time again that it’s a force to be reckoned with. In everything from consumer purchasing power to entertainment and the arts, India is quickly becoming a significant contender worthy of attention.
Nowhere is this more evident than in the tech industry. India has already overtaken the U.S. in terms of the second largest internet market worldwide. On top of that, innovations coming from and impacting on India are changing the way we relate to technology and the world around us. As we enter into a new decade, there are some tech innovations in digital India that deserve our close attention.
With the huge number of internet users in India, the question is quickly becoming about how they are connected to the internet and to each other. With the imminent arrival of superfast connections of 5G, businesses in India will have the potential to invest in new technologies and improve their current offerings.
This could mean artificial intelligence, Big Data processing, Internet of Things networking; the possibilities are endless. However, as Josh Sinha, a web developer at Britstudent and NextCoursework, points out: “The only issue will be the internet disparity across the country; India may exceed the U.S. in terms of internet users, but those users only represent 40% of the population, whereas 94% of Americans are online.”
There are lots of opportunities for sales technologies to facilitate the growth of India’s consumer market. One way this is already happening is with POS technology, which has doubled in adoption since 2015. However, the five million POS machines currently used by merchants is only a small fraction of the 80 million merchants who could be using them.
One reason for this could be the rush towards digital payments. Estimates are that 70% of POS registrations are from eCommerce businesses, massively expanding the power of digital currencies and online transactions to buy consumer goods. This decade we may well see digital transactions overtake some methods of cash payments in India.
As internet usage increases, so too does cybercrime. Financial institutions across India are struggling to combat new waves of online fraud and protect against unprecedented data breaches. This is partly due to a lack of professionally trained cybersecurity workers, meaning that a heightened awareness of the importance of online security is bound to be a key focus of this decade.
Of course, technology could be the cause of and solution to this particular problem. Shalini Rau, a marketer writer at 1day2write and Writemyx, highlights that “automation software could be a valuable investment to combat cybersecurity threats. Databases built on Big Data from previous security threats could be implemented alongside artificial intelligence systems to notice attackers before they’ve done any serious damage. Of course, these systems are nothing without qualified cybersecurity professionals to control and monitor them, so training is also essential.”
Automation for social change
One last but exciting possibility for the future of Digital India is the potential for automotive software to combat long-standing socio-economic challenges. Big Data processing coupled with automated analytics could help supplement academic research into issues such as poverty, population, housing, and more, speeding up research and leading to practical solutions in record time.
India’s mass adoption of smartphones could be a huge help in pursuing this social change goal. India’s smartphone usage per population is very high, around 96%, meaning researchers and data collecting authorities have a window to contact a great majority of the population. Even as far back as 2014, McKinsey predicted India could add $1 trillion to its GDP through the use of technologies such as this one, a number the country is certainly on track towards.
These are only a small selection of the technologies that could make for a huge change in India this decade. It’s also the nature of these technologies that they can supplement and improve upon each other: cybersecurity is improved with automation, automation improves with more data, more data can be transmitted with better connectivity, and so on. What that means is that investing in these technological solutions may well return dividends beyond our current expectations.
Author Bio: Michael Dehoyos is a web developer at the PhD Kingdom and Write My Assignment. He assists companies in developing their marketing strategy concepts and contributes to numerous sites and publications. He is also a writer at Origin Writings, academic service.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Canon launches brand new revolutionary full-frame mirrorless cameras EOS R5 & EOS R6 in India
Aditi Nayar, Principal Economists, ICRA Comments on IIP data
Swaroop Agrochemical Industries awarded PATENT by Government of India for their Product ‘AEGIS’
Praj strides into the next frontier of Bioeconomy
SBA Provided $20 Billion to Small Businesses and Non-Profits Through the Economic Injury Disaster Loan Advance Program
2014 The Global Indian New Network (TGINN)